US Treasury Sanctions Iran’s Largest Crypto Exchange Nobitex

TLDR

• The US Treasury Department has sanctioned Nobitex, Wallex, Bitpin and Ramzinex by adding them to the Specially Designated Nationals list.
• The designation blocks US individuals and firms using the dollar system from providing financial services to the listed exchanges.
• Treasury officials linked Nobitex to alleged IRGC transactions, ransomware payments and sanctions evasion efforts.
• Treasury Secretary Scott Bessent said the department has seized about 1 billion dollars in crypto from Iranian exchanges and wallets since the conflict began.
• The Treasury Department also warned companies about sanctions risks tied to payments for passage through the Strait of Hormuz.

The U.S. Treasury Department has placed several major Iranian cryptocurrency exchanges under sanctions, adding them to its blacklist as part of ongoing measures against Tehran.

According to the Treasury’s Office of Foreign Assets Control, Nobitex, Wallex, Bitpin and Ramzinex have been added to the Specially Designated Nationals list, along with certain executives tied to the platforms. The designation prohibits U.S. individuals, companies and any party using the U.S. dollar financial system from conducting financial transactions with the named exchanges.

Nobitex Accused of Sanctions Evasion

Among the platforms listed, Nobitex stands as Iran’s largest crypto exchange. The Treasury Department stated that the action followed findings that linked Nobitex to activities involving Iran’s Islamic Revolutionary Guard Corps. In its press release, Treasury officials cited alleged connections to sanctions evasion efforts, ransomware payments and transactions associated with entities tied to the IRGC.

The department further stated that Nobitex played a role in transferring assets out of Iran after U.S. military operations began earlier this year. Officials said these movements occurred as Washington intensified pressure on Tehran.

Earlier in the week, Treasury Secretary Scott Bessent said the department had seized roughly $1 billion in digital assets from Iranian exchanges and wallets since hostilities with Iran escalated. Bessent attributed the seizures to enforcement efforts carried out under the current sanctions program.

In a statement released Tuesday, Bessent said the Iranian government had used digital asset technology to bypass sanctions and move wealth abroad. He described the country’s economic situation as deteriorating and linked that condition to what he called President Donald Trump’s maximum pressure strategy.

Strait of Hormuz Warning

In the same announcement, the Treasury Department warned companies about the legal risks of complying with Iranian demands for passage through the Strait of Hormuz. Treasury officials said these demands could involve so-called toll payments made through traditional currency, digital assets, barter arrangements, informal swaps or even donations presented as charitable contributions.

The department added that sharing sensitive vessel information could also expose firms to sanctions if such cooperation benefits Iranian authorities.

Treasury officials described the latest designations as one element of ongoing enforcement actions targeting Iran’s financial networks. By adding the exchanges and named individuals to the sanctions list, U.S. authorities have blocked their access to the American financial system and warned global firms that interaction with the platforms could carry serious legal consequences.

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